Egyptian fintech Join Cash has raised $8 million in a seed spherical led by Disruptech Ventures, Algebra Ventures, and Lorax Capital Companions, with extra participation from One Cease and MDP, it introduced in an announcement as we speak.
The startup was based in 2023 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, who beforehand based Egyptian loyalty options supplier Dsquares in 2012 and cashback app Fortunate One in 2019. Ayman Essawy is main Join Cash as firm’s CEO, Marwan Kenawy serves as Dsquare’s CEO, and Momtaz Moussa is the CEO of Fortunate One.
Fortunate One had began as an organization inside Dsquares however it appears Join Cash is totally impartial, beginning with a very recent cap desk. Fortunate One/Dsquares has raised over $50 million in whole funding.
Join Cash has developed a white-label card issuing platform that allows companies to supply debit and bank cards with out constructing their very own fintech infrastructure or acquiring regulatory licensing. The startup has already issued over 300,000 playing cards up to now, in line with an organization assertion.
The platform provides end-to-end managed companies, together with card issuance and distribution, KYC administration, buyer assist, fraud monitoring, and different banking back-office operations. It additionally provides cell banking app growth and handles installments operations administration for purchasers which will wish to provide its PayLater characteristic to their clients.
The companies utilizing Join Cash can even provide rewards, cashback, and reductions from over 20,000 of its companions, to their clients. The startup has leveraged its Fortunate One and Dsquares expertise and community to supply this.
Join Cash’s platform helps a number of card schemes, together with Visa, Mastercard, and Meeza, the native cost scheme for transactions inside Egypt.
The funding will allow Join Cash to launch 5 new enterprise verticals in Africa and the Center East. The corporate plans to proceed its progress in present markets comparable to Egypt and Morocco whereas additionally accelerating new market entries with a major give attention to Africa. The funds will probably be directed in direction of fueling innovation, enhancing know-how capabilities, and increasing their companies.
Ayman Essawy, Co-founder and CEO of Join Cash, commented on the funding: “We’re immensely proud to announce the closure of our seed funding spherical, a testomony to the arrogance and assist prolonged by our traders. This important seed funding underscores our hyper-growth potential as we try to remove present ache factors for companies aiming to develop into financially enabled.”
Mohamed Okasha, Managing Accomplice of Disruptech Ventures, acknowledged: “We’re proud to accomplice with Join Cash to revolutionize embedded finance in MENA. Join Cash’s experience, deep market data, and cutting-edge built-in tech will enormously improve accessibility and effectivity in monetary companies, benefiting the fintech-enabled ecosystem and reworking banking operations whereas positioning Egypt as a priceless hub for exporting embedded finance companies.”
Omar Khashaba, Basic Accomplice at Algebra Ventures, added: “Ayman is an unbelievable entrepreneur who has co-founded a few of the most profitable startups in MENA, together with Dsquares and Fortunate. We had been a part of his journey because the very starting and are excited to be backing him as soon as extra as he addresses a large fintech infrastructure hole within the area.”
The opposite notable startups working within the area within the Center East, embody NymCard, which has raised over $35 million in whole financing up to now, and SimpliFi.
